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Property investors enjoyed capital gains of 19.52% over the last 12 months in RIVETT, translating to lower returns compared with its peers in ACT.
Figures from the previous quarter show that capital gains for real estate buyers in RIVETT are low, as opposed to average gains per annum over the past five years.
The suburb posted a 25% growth in median prices over a three-year period. This is considerably lower than the gains it recorded over the past year.
This number can mean, real estate investors could earn a rental income of $565 based on current median home prices for the suburb.
On average, rents on listings have reached the $565 mark, reflecting a 3.92% increase in returns based on the current median price in RIVETT.
RIVETT, 2611 ranks 35th in ACT in terms of median property value increase and capital gains, based on year-to-date figures.
While it ranks 43rd on the list of best yielding suburbs for rental properties in ACT, posting a 3.92% return.
Rivett is a suburb in the Weston Creek district of Canberra that is bounded by Hindmarsh Drive, Darwinia Terrace, and Streeton Drive. Its surrounding suburbs are Chapman, Duffy, Fisher, and Weston. The suburb’s namesake was Sir David Rivett, an academic and scientist who was an important figure in the history of CSIRO (Commonwealth Scientific and Industrial Research Organisation). Rivett was gazetted in 1970.
Rivett has slowly emerged from the ashes of the worst fire disaster in Canberra's history with the appearance of new homes and small shops on its streetscape. Many would be surprised that Rivett is a highly sought-after market as demand for properties in the suburb had already eclipsed that of the entire ACT.
Though generally more popular among retirees, Rivett is drawing a growing number of young families who would like to settle down at an affordable locality with convenient access to amenities. Rivett has its own shopping centre and is just a quick drive away from the lifestyle options at Cooleman Court in Weston Creek. Rivett also has a wealth of open spaces, parks, and walking tracks. The suburb is home to several playing fields, primary schools, and churches.
Real estate activities
The average home price in Rivett is $558,500, though smaller properties belong to a lower price bracket. Prices vary, however, depending on the location; for example, a vacant parcel of land close to shopping centres and amenities could fetch $480,000. Property buyers in the suburb can finance their purchase through several home loan products offered by mortgage brokers and banks in the country.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||19.52%||N/A|
|Median 3 years||25%||N/A|
|Median 5 years||33.93%||N/A|
|10 years average annual||4.2%||N/A|
|Weekly media advert. rent||$565||N/A|
|Time on Market||50.8 days||N/A|
|Gross Rental Yield Percent||3.92%||N/A|